A STUDY ON INVESTOR BEHAVIOUR IN SHARE MARKET WITH REFERENCE TO KOTAK SECURITIES, COIMBATORE

MAIN - PROJECT REPORT Submitted by

SHRI AVINASH NARENDHRAN S V Reg No: AC10MBF091

In partial fulfillment for the award of degree of MASTER OF BUSINESS ADMINISTRATION IN MARKETING
Under the Guidance of

K.R.KUMAR

DEPARTMENT OF MANAGEMENT STUDIES ADHIYAMAAN COLLEGE OF ENGINEERING (An Autonomous Institution, Affiliated to Anna University of Technology, Coimbatore) Dr. MGR Nagar, Hosur 635109

APRIL 2012

CERTIFICATE
This is to certify that Main - Project report entitled A STUDY ON INVESTOR BEHAVIOUR IN SHARE MARKET WITH REFERENCE TO KOTAK SECURITIES, COIMBATORE submitted by SHRI AVINASH NARENDHRAN S.V is the Bonafide work of the Main - Project done by her/him during the academic year 2010-2012, under my guidance and supervision in partial fulfilment for the award of DEGREE OF MASTER OF BUSINESS ADMINISTRATION.

Place : Hosur Date :

K.R.Kumar Faculty Guide

Dr. V.Navaneetha Kumar Director Department of Management studies

Submitted for the MAIN - Project Viva-Voce examination held on___________

-------------------Internal Examiner

--------------------------External Examiner

DECLARATION
I hereby declare that this Main - Project report on entitled INVESTOR BEHAVIOUR IN SHARE MARKET WITH REFERENCE TO KOTAK SECURITIES, COIMBATORE submitted to Department Of Management Studies, ADHIYAMAAN COLLEGE OF ENGINEERING, HOSUR in partial fulfilment of the requirement for the award OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION is a original work done by me during the period of my study at the college under the supervision and guidance of Mr.K.R.KUMAR, Lecturer, Department Of Management Studies, Adhiyamaan College of Engineering, Hosur.

Place: HOSUR Date:

(SHRI AVINASH NARENDHRAN S.V)

ACKNOWLEDGEMENTS

I take this opportunity with pride and immense pleasure to thank Dr. G.RANGANATH, Principal, Adhiyamaan College of Engineering, Hosur for giving this opportunity to know the real experiences from this project. I am very much thankful to Dr. V.NAVANEETHA KUMAR Director, of the Management Studies for his valuable guidance in every step of this project. I am highly indebted to my project guide Mr. K.R.KUMAR, who inspired me and guided me in every step of the project work. I am thankful to Mr. M.GOBU, Assistant Manager, who gave me this opportunity to do the project, for supporting me in all aspects and giving me valuable guidance. I express my sincere thanks to all the respondents who gave their honest response to my schedule. I also take this opportunity to thank all those creative minds and helpful hearts for their assistance in making this project work successfully. I am also glad to extend my sincere thanks to my parents, faculty members and all my friends and my brother and sister who supported me for completion of my project successfully.

CHAPTER NO INTRODUCTION I Objectives of the Study Scope of the Study

CONTENTS

PAGE NO 1 4 5 6

Limitations of the Study PROFILE II Industry Profile Company Profile III REVIEW OF LITERATURE

7 13 23

IV

RESEARCH METHODOLOGY Research design 27

ANALYSIS AND INTERPRETATION V Table Charts

31 31

VI

FINDINGS SUGGESTIONS

47 48

VII

CONCLUSION REFERENCES APPENDICES QUESTIONNAIRE*

49

TABLE AND CHART CONTENT: TABLE:

TABLE NO. 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 CONTENTS Type of Investors The expectation of investors regarding the growth The perception of the investors respect to the return The investors knowledge about various investment schemes The age group of investors The view of investors if the stock markets crash down Investors invest their money Investors having their own Demat account. Investors having account with Kotak Securities.Com Other Demat investors have used before having 5.10 KOTAKSECURITIES.COM A/C Investor invest money in Share trading Trading type investor prefer The Securities for investment Investor satisfied with KOTAKSECURITIES.COM Brokerage Grading the KOTAKSECURITIES.COM Grading with other Concern 40 PAGE NO. 31 32 33 34 35 36 37 38 39

5.11 5.12 5.13 5.14 5.15 5.16

41 42 43 44 45 46

CHART:

CHART NO. 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9

CONTENTS Type of Investors The expectation of investors regarding the growth The perception of the investors respect to the return The investors knowledge about various investment schemes The age group of investors The view of investors if the stock markets crash down Investors invest their money Investors having their own Demat account. Investors having account with Kotak Securities.Com Other Demat investors have used before having

PAGE NO. 31 32 33 34 35 36 37 38 39

5.10

KOTAKSECURITIES.COM A/C Investor invest money in Share trading Trading type investor prefer The Securities for investment Investor satisfied with KOTAKSECURITIES.COM Brokerage Grading the KOTAKSECURITIES.COM Grading with other Concern

40

5.11 5.12 5.13 5.14 5.15 5.16

41 42 43 44 45 46

CHAPTER-1

INTRODUCTION

Investor behavior is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual Investors such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the investor from groups such as family, friends, reference groups, and society in general.

Investor behavior study is based on investor buying behavior, with the investor playing the three distinct roles of user, payer and buyer. Research has shown that investor behavior is difficult to predict, even for experts in the field. Relationship marketing is an influential asset for investor behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the Investor or buyer. A greater importance is also placed on investor retention, investor relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions.

Each method for vote counting is assumed as social function but if Arrows possibility theorem is used for a social function, social welfare function is achieved. Some specifications of the social functions are decisiveness, neutrality, anonymity, monotonicity, unanimity, homogeneity and weak and strong Pareto optimality. No social choice function meets these requirements in an ordinal scale simultaneously. The most important characteristic of a social function is identification of the interactive effect of alternatives and creating a logical relation with the ranks. Marketing provides services in order to satisfy investors.

BLACK BOX MODEL:

ENVIRONMENTAL FACTORS BUYER'S BLACK BOX BUYER'S RESPONSE

Marketing Stimuli

Environmental Stimuli

Buyer Characteristics

Decision Process

Product Price Place Promotion

Economic Technological Political Cultural Demographic Natural

Attitudes Motivation Perceptions Personality Lifestyle Knowledge

Problem recognition Information search Alternative evaluation Purchase decision Post-purchase behaviour

Product choice Brand choice Dealer choice Purchase timing Purchase amount

The black box model shows the interaction of stimuli, investor characteristics, and decision process and investor responses. It can be distinguished between interpersonal stimuli (between people) or intrapersonal stimuli (within people). The black box model is related to the black box theory of behaviorism, where the focus is not set on the processes inside a consumer, but the relation between the stimuli and the response of the investor. The marketing stimuli are planned and processed by the companies, whereas the environmental stimulus is given by social factors, based on the economical, political and cultural circumstances of a society. The buyers black box contains the buyer characteristics and the decision process, which determines the buyers response.

The study of investors helps firms and organizations improve their marketing strategies by understanding issues such as how

The psychology of how investors think, feel, reason, and select between different alternatives (e.g., brands, products, and retailers);

The psychology of how the investor is influenced by his or her environment (e.g., culture, family, signs, media); The behavior of investors while shopping or making other marketing decisions; Limitations in investor knowledge or information processing abilities influence decisions and marketing outcome; How investor motivation and decision strategies differ between products that differ in their level of importance or interest that they entail for the consumer; and How marketers can adapt and improve their marketing campaigns and marketing strategies to more effectively reach the investor.

One "official" definition of Investor behavior is "The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the investor and society."

Behavior occurs either for the individual, or in the context of a group (e.g., friends influence what kinds of clothes a person wears) or an organization (people on the job make decisions as to which products the firm should use).

Investor behavior involves the use and disposal of products as well as the study of how they are purchased. Product use is often of great interest to the marketer, because this may influence how a product is best positioned or how we can encourage increased consumption. Since many environmental problems result from product disposal (e.g., motor oil being sent into sewage systems to save the recycling fee, or garbage piling up at landfills) this is also an area of interest.

Investor behavior involves services and ideas as well as tangible products. The impact of consumer behavior on society is also of relevance. For example, aggressive marketing of high fat foods, or aggressive marketing of easy credit, may have serious repercussions for the national health and economy.

1.1 OBJECTIVES OF THE STUDY

To know about investors behavior towards the stock market. To known the Investors Perception in stock Market. To identify the risk taken by the Investors. To understand in which area the investors are investing. To identify the basic purpose of their Investment. To know the expected return of the Investors.

1.2 SCOPE OF THE STUDY

The study helps us to know the state of mind of the investors & their expected charges regarding Brokerage, Return, Annual maintenance charges, and so on. It helps the company to understand the Investors perception in Capital Market, so that they can create for their further improvement. It may help the company to make further planning and strategy.

1.3 LIMITAION OF THE STUDY

Method of data collection was through personal interview and therefore personal bias becomes a major limitation.

The major constraint of the study was the availability. The respondents were less interested in answering the questionnaire, as they felt that it was an interruption to their regular work. The number of respondents was limited to 100 only. The scope of study is restricted only inCoimbatore.

CHAPTER-2

INDUSTRY AND COMPANY PROFILE

2.1 INDUSTRY PROFILE

The Securities Contracts (Regulation) Act, 1956, has defined Stock Exchange as an "association, organization or body of individuals, whether incorporated or not, established for the purpose of assisting, regulating and controlling business of buying, selling and dealing in Securities".

Stock exchange as an organized security market provides marketability and price continuity for shares and helps in a fair evaluation of securities in terms of their intrinsic worth. Thus it helps orderly flow and distribution of savings between different types of investments. This institution performs an important part in the economic life of a country, acting as a free market for securities where prices are determined by the forces of supply and demand. Apart from the above basic function it also assists in mobilizing funds for the Government and the Industry and to supply a channel for the investment of savings in the performance of its functions.

The Stock Exchanges in India as elsewhere have a vital role to play in the development of the country in general and industrial growth of companies in the private sector in particular and helps the Government to raise internal resources for the implementation of various development programmes in the public sector. As a segment of the capital market it performs an important function in mobilizing and channelizing resources which remain otherwise scattered. Thus the Stock Exchanges tap the new resources and stimulate a broad based investment in the capital structure of industries.

A well developed and healthy stock exchange can be and should be an important institution in building up a property base alongwith a socialist in India with broader distribution of wealth and income. Thus Stock Exchange is a vital organ in a modern society. Without a stock exchange a modern democratic economy cannot exist. The system of joint stock companies financed through the public investment as emerged has put the vast means of finances almost to enterpreneurs' needs.

Finance from external sources mainly from the investing public can become possible only when an institute like Stock Exchange provides opportunities for the conversion of scattered savings into profitable investments with the promises of a reasonable yield and minimum element of risk. Such a mechanism as provided by Stock Exchanges is not merely a source of capital but also a conduit which channelises the savings into investment alongwith a free movement of capital.

With the probable exception of a totalitarian state no Government will be able to mobilize resources from the public if the money market in the form of stock exchange does not exist. The Stock Exchange benefits the entire community in a variety of way. It enables the producers to raise capital which directly and indirectly gives gainful employment to millions of people on the one hand and helps consumers to get ;the variety of goods needed by them on the other. It provides opportunities to savers to store the value either as temporary abode of purchasing power or as a permanent abode of purchasing power in the form of financial assets. It also helps the segments of the savers who put their savings in commercial firms and non-banking financial intermediaries because these institutions avail themselves of the services of Stock Exchange to invest the money thus collected.

The Stock Exchange comes close enough to a perfectly competitive market allowing the forces of demand and supply a reasonable degree of freedom to operate as compared to other markets specially the commodity markets. This segment of the factor market can be

considered as a perfect or a nearly perfect market. Apart from providing a mechanism for transacting business in stock and shares it generates genuine potential for a new entrepreneur to take up initiative in the private sector enterprises and allows the expansion of investing community by offering gainful development of their otherwise sluggish or shy capital. The Stock Exchange must assume the responsibility of protecting the rights of investors specially the small investors in the Joint Stock Companies.

Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries in its 133 years of existence. What is now popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875.

BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized. It migrated from the open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association Of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualisation, BSE has two of world's best exchanges, Deutsche Brse and Singapore Exchange, as its strategic partners.

Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market.

Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. The market capitalization as on December 31, 2007 stood at USD 1.79 trillion . An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups.

The BSE Index, SENSEX, is India's first stock market index that enjoys an iconic stature , and is tracked worldwide. It is an index of 30 stocks representing 12 major sectors. The SENSEX is constructed on a 'free-float' methodology, and is sensitive to market sentiments and market realities. Apart from the SENSEX, BSE offers 21 indices, including 12 sectoral indices. BSE has entered into an index cooperation agreement with Deutsche Brse. This agreement has made SENSEX and other BSE indices available to investors in Europe and America. Moreover, Barclays Global Investors (BGI), the global leader in ETFs through its iShares brand, has created the 'iShares BSE SENSEX India Tracker' which tracks the SENSEX. The ETF enables investors in Hong Kong to take an exposure to the Indian equity market.

BSE has tied up with U.S. Futures Exchange (USFE) for U.S. dollar-denominated futures trading of SENSEX in the U.S. The tie-up enables eligible U.S. investors to directly participate in India's equity markets for the first time, without requiring American Depository Receipt (ADR) authorization. The first Exchange Traded Fund (ETF) on SENSEX, called "SPIcE" is listed on BSE. It brings to the investors a trading tool that can be easily used for the purposes of investment, trading, hedging and arbitrage. SPIcE allows small investors to take a long-term view of the market.

BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives. It has a nation-wide reach with a presence in more than 450 cities and towns of India. BSE has always been at par with the international standards. The systems and processes are designed to safeguard market integrity and enhance transparency in operations. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification. It is also the first exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-line Trading System (BOLT).

BSE continues to innovate. In recent times, it has become the first national level stock exchange to launch its website in Gujarati and Hindi to reach out to a larger number of investors. It has successfully launched a reporting platform for corporate bonds in India christened the ICDM or Indian Corporate Debt Market and a unique ticker-***-screen aptly named 'BSE Broadcast' which enables information dissemination to the common man on the street.

In 2006, BSE launched the Directors Database and ICERS (Indian Corporate Electronic Reporting System) to facilitate information flow and increase transparency in the Indian capital market. While the Directors Database provides a single-point access to information on the boards of directors of listed companies, the ICERS facilitates the corporates in sharing with BSE their corporate announcements.

BSE also has a wide range of services to empower investors and facilitate smooth transactions:

Investor Services: The Department of Investor Services redresses grievances of investors. BSE was the first exchange in the country to provide an amount of Rs.1 million towards the investor protection fund; it is an amount higher than that of any exchange in the country. BSE launched a nationwide investor awareness programme- 'Safe Investing in the Stock Market' under which 264 programmes were held in more than 200 cities.

The BSE On-line Trading (BOLT): BSE On-line Trading (BOLT) facilitates on-line screen based trading in securities. BOLT is currently operating in 25,000 Trader Workstations located across over 450 cities in India.

BSEWEBX.com: In February 2001, BSE introduced the world's first centralized exchange-based Internet trading system, BSEWEBX.com. This initiative enables investors anywhere in the world to trade on the BSE platform.

Surveillance: BSE's On-Line Surveillance System (BOSS) monitors on a real-time basis the price movements, volume positions and members' positions and real-time measurement of default risk, market reconstruction and generation of cross market alerts.

BSE Training Institute: BTI imparts capital market training and certification, in collaboration with reputed management institutes and universities. It offers over 40 courses on various aspects of the capital market and financial sector. More than 20,000 people have attended the BTI programmes

2.2 COMPANY PROFILE

The Kotak Mahindra group was born in 1985 as Kotak capital management financiers ltd. UdayKotak, Sindey A.A Pinto, the company. Industrialists Harish Mahindra and Anand Mahindra Took a stake in 1886 and thats when the company changed its name to KOTAK MAHINDRA FINANCE LIMITED.

1995: Brokerage and distribution businesses incorporated into a separate company Kotak Securities. 2000: Kotak Mahindra ties up with old mutual for the life4 insurance business. Kotak Securities launches Kotak securities system.com- its online broking site. 2006: Bought the 25% stake held by Goldman sachs in Kotak Mahindra capital company and Kotak securities Kotak securities limited is a subsidiary of Kotak Mahindra Bank Limited is one of largest private brokerage and distribution house Set up in 1994 by Mr. UdayKotak. Kotak securities have 25% equity participation from Goldman Sachs. Kotak securities have been the largest in IPO distribution and were ranked no.1 in the year 2003-2004 as book running lead managers in I POs by prime database. The core strengths are the expertise in equity research and wide retail distribution network. It has an outstanding research division involved in macro economic studies, industry and company specific equity research with analysts specializing in particular economic sectors and large cap stocks. Kotak securities manage assets over rupees 1200 crs under portfolio management services.

Main areas of business Kotak Securities are :-

Institutional broking business Private client group Client money management Retail distribution of financial products Depository services Online trading

The pre requisites to start e trading are : Trading account to deal in electronic share mutual funds and ipos on Kotaksecurities.com Demat account with Kotak securities for dealing. Internet bank account with a banking partner to move funds to Kotaksecurities.com or receive payments from Kotaksecurities.com. The banking partners are Kotak Mahindra bank HDFC, SBI, AXIS, INDUS-IND, ICICI, CITI, HSBC bank.

The account offered by Kotak securities are: Kotak privilege circle account Kotak value account Kotak gateway account Kotak freeway account Kotak high trader account

Kotak privilege circle account:One can activate a KPC account with any amount more than Rs.10,00,000 as margin by way of cash on stock.

In KPC one can avail the following: 6 times expenses on the margin Initial brokerage payment as per the lowest brokerage slab to be recalculated at the end of the month as per the turnover Acess to KEAT premium free of cost. Free call& trade facility. Margin finance at attractive rates of 13% p.a. Lowest delayed payment interest if 13% p.a. Free research advice via SMS.

Kotak value account:One can open KVA account with any amount between Rs. 10,00,000 and 5,00,000 as initial margin. One can avail the following:

5 times exposure on the margin initial brokerage payment as per the middle brokerage slab to recalculated at the end of the month as per the turnover. Access to KEAT PRO Software free and discount on KEAT premium charge of Rs. 300 only per month. Research advice via SMS for a fee of Rs. 75 per month. Call and trade facility with 20 calls free thereafter Rs. 15 per call. Discounted delayed payment interest of 16% p.a.

Kotak gateway account:KGA account can be opened with any amount less than Rs.5,00,000 as inintial margin.

One can avail the following:

4 times exposure on the margin, Access to KEAT desktop free of cost and KEAT premium for Rs 500 only per month.

Research advice via SMS for a fee of Rs. 100 per month. Call and trade facility with 20 calls free thereafter Rs. 20 per call Delayed payment interest at 18% p.a.

Kotak free way account:Free account can be opened with any amount less than Rs. 1,25,000 as initial margin. One can avail the following: Zero brokerage plans on square off trades, only levy, service tax and other charges at 0.03% per transaction. Flat fee of Rs. 999 per month. 4 times exposure on the margin.

Maximum exposure Rs.5,00,000 Delivery brokerage ranging from 0.59% to 0.18% depending on volumes Delayed payment interest at 18% p.a.

Kotak high trader account :High trader account can be opened with any amount of margin. In the Kotak free way account one can avail the following: 6 times exposure on the margin. And auto square off product where al the cash order would be squared off after 3.10 PM. Can trader in the derivative segment on the high trader with the normal limit i.e. multiple of four on stock derivatives. Delayed payment interest at 18% p.a.

THE BROKERAGE STRUCTURE:-

DELIVERY SLABS Volume Slab <1 lakhs 1 lakh-5 lakhs 5 lakh-10 lakhs 10 lakhs-20 lakhs 20 lakhs-60 lakhs 60 lakhs-2 crores > 2 crores Brokerage 0.59% 0.55% 0.45% 0.36% 0.27% 0.23% 0.18%

With Citi bank, AXIS, KOTAK, HSBC, SBI,ICICI and HDFC bank for online fund transfer. Any money owed to client credited directly into Internet bank account of customer by Kotak securities on the next day. Documents required are:-

Two photographs signed across. Identity proof photocopy of passport, PAN/voters ID card, driving license.

Address proof photocopy of electricity bill, telephone bill, bank S/M. Cheques for margin in the name of Kotaksecurities.com + bank account opening . Signature proof passport, PAN card Bank intro.

Cash Squaring Up

Volume slab

Brokerage

< 25 lakhs 25 lakhs- 2 crores 2 crores-5crores > 5 crores

0.06% both sides 0.05% both sides 0.04% both sides 0.03% both sides

Buy now sell tomorrow with a guarantee (BNST-G):-

BNST-G is special service offered by Kotaksecurities.com in which one can sell 75% of the specified shares that one has purchased before you receive the delivery of the shares from the exchange, without the worry of short allotment. New from Kotak securities.com: Securities accepted in lieu of cash margin green channel. Multiple available on sales marked for delivery.

 Short sales are possible. Stop loss order After market order Cash and derivatives rates on single screen

DEMAT FORM V/S PHYSICAL FORM:-

A Comparison of investment in securities:-

In physical form

In demat form

Insurance is required

No insurance is required

Laborious inventory verification during The DPs makes periodic statement of holding internal stock taking and audits. available. Easy verification of audits.

No custody charges if using own premises Custody charges vary from 3 to 10 basis however, custodians charges- 20 to 40 points depending upon DP selected. basic points.

Risk of theft

No risk of theft

Receipt

of

corporate

benefits

need Faster and hassle free receipt of corporate

monitoring and risk of loss in transit not benefits. ruled out

BUYING:-

In physical form High brokerage Stamp duty at 50 basis points

In demat form Low brokerage No stamp duty

Posted and handling charges for No posted and handling charges lodgments and transfers Cost involved in follow Guaranteed good delivery

up/rectification No transaction charges Transaction charges vary from 7 to 10basis points.

SELLING:-

In physical form High brokerage

In demat form Low brokerage, NSE brokers charges half the brokerage on electronic trades

Transaction only in market lots

No market lot concept

Off market transaction are costly Facility for off market transaction and risky market transactions, specially within the group Jumbo lots need to be split into No need to split market lots for selling

How a depository similar to bank Bank Holds funds in an account Depository Hold securities in an account

Transfers funds between accounts Transfer securities between accounts on on the instruction of the account the instruction of the account holder holder Facilities transfer without having to Facilities transfer of ownership without handle money Facilities safe keeping of money having to handle securities Facilities safe keeping of shares

TRADING SYSTEM

The Exchange, as stated earlier, had an open outcry trading system till March 1995 where member-brokers used to assemble in a trading ring for doing transaction in securities. It had switched over to a fully automated computerized mode of trading known as BOLT (BSE on Line Trading) System w.e.f March 14, 1995. Through the BOLT system, the member-broker now enters orders for purchase or sell of securities from Trader Work Stations (TWSs) installed in their offices instead of assembling in the trading ring. This system, which was initially both order and quote driven, is currently only order driven. The system, which is now only order driven, facilities more efficient in-putting processing, automatic matching and faster execution of orders in a transparent manner. The trading in securities at the Exchange is conducted in an anonymous environment and the counter party identify is not revealed. The buyer and sellers of securities do not know the names of each other.

The member-brokers of the Exchange were permitted to open trading terminals only within the city limits of Mumbai till1996. The Exchange obtained permission from SEBI for expansion of its BOLT network to locations outside Mumbai. The expansion of BOLT network to cities outside Mumbai was inaugurated by Shri P. Chidambaram, the Finance Minister, Government of India on August 31, 1997. The Exchange was initially allowed by SEBI to set up[ trading terminals in all places except in the jurisdictional areas of other

Regional Stock Exchanges, for setting-up trading terminal in the jurisdictional areas of other Regional Stock Exchanges, the Exchanges was required to enter into Memorandum of Understanding (MOU) with the respective Stock Exchange.

However, with certain modification in this regard announced by SEBI towards the end of the year 1999, the member-broke of the exchange are now free to install their trading terminals at any placer in the country including in the jurisdictional areas of other Regional Stock Exchanges.

In order to expand the reach of BOLT network to centers outside Mumbai to reach out to investors in these centers and provide them access t the trading facilities in all scripts listed and permitted to be traded in the Exchange and to support the smaller Regional Stock Exchange, the Exchange has admitted subsidiary companies formed by 15 Regional.

Stock Exchange as its member-brokers as on June 30, 2003. The member-brokers of these Regional Stock Exchange work as sub-brokers of the member-brokers of the Exchange.

Trading on the BOLT System is conducted from Monday to Friday between 9:55 a.m. and 3:30 p.m. the scripts traded on the Exchange have been classified into A, B1,B2, F, G, and Z groups.

The Exchange has for the guidance and benefit of investors classified the scripts in the Equity Segment in A, B1,&B2 based on certain qualitative and quantitative parameters which include number of trades, values traded, etc. for the guidance and benefit of investors.

The F group represent the fixed income securities wherein 730 securities were listed as on June 30,2003

The Exchange has commenced trading in Govt. Securities for retail investors under G group w.e.f. January 16, 2003 And 85 Govt. Securities are traded on the Exchange under this group as on June 30,2003.

The Zgroup was introduced by the Exchange in July 1999 and includes the companies which have failed to comply with the listing requirement of the Exchange and have failed to resolve investor complaints or have not made the required arrangement with both the Depository Ltd.(NSDL) for dematerialization of their securities. Companies in Zgroup numbered 2776 as on June 30, 2003.of these, 1275 companies were in Z group for not complying with the provisions of the Listing Agreement and not resolving pending investor complaints and the balance 1501 companies were on account of not making arrangement for dematerialization of their securities with both the Deposotories.1501 companies have been put by the Exchange in Z group as a temporary measure till they make arrangement for dematerialization of their securities. Once they finalize the arrangement for dematerialization of their securities, trading and settlement in their scripts would be shifted to their respective rest groups.

CHAPTER 3

REVIEW OF LITREATURE

Nayak, M. K. (2010), analyze the significance of difference between the various demographic variable and investor`s knowledge of grievances, awareness of functions of redressed agencies, loading of complain are some of the factors which affect their satisfaction level. He concludes that professionals and servicemen being more educated are expected to be more rational in their decisions, where as business man are more daring, risk bearing, and instinctively investment-minded. Agriculturists are generally less informed and passive to making investment so that they suffer from all the traits of being prone to grievances.

Henrik, C. and Stephan, S. (2009), stated that the cross-sectional heterogeneity in keymeasures of investment behavior into genetic and environmental influences. They found thatup to 45 percent of the variation in stock market participation, asset allocation, and portfoliorisk choices is explained by a genetic component. Genetic variation is a very importantexplanation for variation in investment behavior compared to the influence of education, networth, entrepreneurial activity etc.

Harry, P. S. (2009) reveals that usually rational investorsare sometimes prone to depart from their normal logic and follow the mass hysteria.

Chandra, A. (2008) states that the decision-making by individual investors is usually basedon their age, education, income, investment portfolio, and other demographic factors. Theimpact of behavioral aspect like greed and fear, cognitive dissonance, heuristics, mentalaccounting of investing is, however, often ignored.

Tripathi, V. (2008) emphasized onbehavior of investor along with various kind of investment strategies used by them whileinvesting in the market. She analyzed that there has been substantial change in the investmentstrategies in last five years and size based strategies, momentum strategies, following FIIsinvestment behavior, buying stocks on the basis of 30 days moving average and buyingstocks on the basis of relative strength index are five most widely used investment strategiesin Indian equity market.

Brad M., Barber T, Odean (2007) measures the effect of attentionand news on the buying behavior of individual and institutional investors and confirms theIJRFM Volume 1, Issue 4 (August, 2011) (ISSN 2231-5985)International Journal of Research in Finance & Marketinghttp://www.mairec .org 99hypothesis that individual investors are net buyers of attention grabbing stocks.

Dhar, R. andNing Zhu (2006) analyze the trading records of a major discount brokerage house toinvestigate the disposition effect, the tendency to sell winners too quickly than losers. RonaldG. B. ,et. al(2004 ) highlighted that many investors are following investment styles whereinvestments decisions are made with only limited reference to available information and noconcern with fair value.

Dhake, A. (1996) emphasized the average investor has the tendencyto increase their holdings in investments that perform the best in the short term. At the sametime, these same investors tend to sell or reduce their holdings in investments that haveperformed poorly, again, in the short term. As a result, the average investor will hold aportfolio that is heavily weighted in asset classes that have demonstrated the best short-termperformance. Since a large proportion of money has been added to these investments aftermost of the growth has occurred, this strategy leads to a dramatic decline in their portfoliowhen the market corrects.

Lease et al. (1974) describe ININ as investors rather than traders since they are long-term minded and give little interest to short-term yields. Moreover, Lewellen et al. (1977) reveal that investors main source of information is through fundamental or technical analysis. Antonides and Van Der Sar (1990) argue that the perceived risk of an investment is lower if an asset has recently increased in value, consistent with

Blume and Friends (1978) findings. Nagy and Obenberger (1994) investigate the extent to which a listing of 34 variables influence shareholders perception, and provide evidence of a role for a mix of financial and non-financial variables. Additionally, they found that each shareholder considers the seven different factors employed in a factor analysis in a unique way. Fisher and Statman (1997), relying on general agreement that the investment decision is a complex one, suggest that investors are not only concerned about risk and return when buying shares, but also several other parameters taken into consideration. Clark-Murphy and Soutar (2003) report that the vast majority of ININ in Australia have little interest in speculation and are by nature long-term investors.

There are, however, few studies that examine the way in which various investor groups (both professional and individuals) make their investment decisions in less developed countries and/or those with only moderately sophisticated capital markets. Notable among the exceptions are studies by Nassar and Rutherford (1996) and Naserand Nuseibeh (2003) who show that investors treat annual reports in broadly the same way as do those in developed countries, although they rely more on information obtained directly from the companies and do not tend to consult intermediary sources of corporate information in order to make informed decisions. Overall, investors seemmainly to use fundamental analysis and, to a lesser degree, portfolio analysis (i.e. conventional mean-variance analysis).

Studies concerning professional investors in sophisticated capital markets, such as in Hong Kong (Lui and Mole, 1998; Wong and Cheung, 1999), the UK (Taylor and Allen, 1992; Collison et al., 1996) and the US (Frankel and Froot, 1990; Carter and Van Auken, 1990), reveal that these groups of investors rely more on fundamental and technical analysis and less on portfolio analysis. Arnold and Moizer (1984) examine the general procedures adopted by UK investment analysts in appraising the ordinary shares of companies and report that the primary technique used by analysts is fundamental analysis, followed by technical analysis and b-analysis. Their results aresimilar to those revealed by an earlier study of Lee and Tweedie (1981), also for the UK market. Moreover, Arnold et al. (1984) provide results from a questionnaire survey conducted in the US and UK during 1981 and 1982. The study provides a general description of procedures used by financial analysts in both countries, revealing that both groups attach more importance to accrual-based historical cost accounting numbers, particularly earnings, than to inflation-adjusted accounting numbers or cash flows. Both groups also adopt fundamental analysis rather than technical analysis or b-analysis and rely on discussions with company personnel as a source of information.

Considering the literature as a whole, it is evident that professional investors make extensive use of methods and techniques that differ from those proposed by academics. However, it appears that the traditional approaches, including both fundamental and technical analysis, may still be dominant in many emerging financial markets; it is this issue that the present study attempts to investigate.

CHAPTER 4

RESEARCH METHODOLOGY

RESEARCH
The study of research method provides you with the knowledge and skills you need to solve the problem and meet the challenges of the fast- based decision. Marketing environment we define Business Research as a systematic inquiry whose objective is to provide information to solve managerial problem. It seeks to find explanation to unexplored phenomena to clarify the doubtful facts and to correct the misconceived facts.

4.1 TYPE OF RESEARCH: DESCRIPTIVE RESEARCH

Descriptive study is a fact- finding investigation with adequate interpretation. It is the simplest type of research. It is more specific than an explanatory study, as it has focus on particular aspect of the problem studied. It is designed to get her descriptive information and provide information for formulating more sophisticated studies. Data are collected by using one or more appropriate method, observation, interviewing and mail questionnaire.

4.2 TYPE OF DATA USED

There are basically two types of Data Primary Data Secondary Data

PRIMARY DATA

The primary data are those which are collected freshly and for the first time and thus happen to be original in character. The main sources of primary data are individuals, focus groups, panels of respondents specifically set by the researcher. It has been collected through a questionnaire.

SOURCES OF PRIMARY DATA

Questionnaire Personal Interview

SECONDARY DATA

The secondary data are those which have already been collected by someone else and which have already been passed through the statistical process. The company profile and records, textbooks, website and internet were used to collect the secondary data.

SOURCES OF SECONDARY DATA

Internet E- Journal

SAMPLING METHOD

Descriptive Sampling was used to collected data from of sample. Descriptive Statistics is the discipline of quantitatively describing the main features of a collection of data. Descriptive statistics are distinguished from inferential statistics (or inductive statistics), in that descriptive statistics aim to summarize a data set, rather than use the data to learn about the population that the data are thought to represent. This generally means that descriptive statistics, unlike inferential statistics, are not developed on the basis of probability theory. Even when a data analysis draws its main conclusions using inferential statistics, descriptive statistics are generally also presented. For example in a paper reporting on a study involving human subjects, there typically appears a table giving the overall sample size, sample sizes in important subgroups (e.g., for each treatment or exposure group), and demographic or clinical characteristics such as the average age, the proportion of subjects of each sex, and the proportion of subjects with related co morbidities.

SAMPLING SIZE

The Company, which is considered for this study, is KOTAK SECURITIES, COIMBATORE. The sample taken for the study is 130 (which is both the existing and new client of the company). The method adopted for selecting the sample was Random sampling. And the sample respondent size was 100.

Researcher has used both primary and secondary data to gather more information.

TOOLS FOR ANALYSIS The statistical methods, which are used, for the research are: Percentage Analysis 5 Point Likert Scale Mean

Percentage Analysis

Percentage refers to a special kind of ratio in making comparison between two or more data and to describe relationships. Percentage can also be used to compare the relation terms the distribution of two or more sources of data. Number of Respondents Percentage of Respondents = --------------------------------- X 100 Total Respondents

Mean: The mean (also known as average), is obtained by dividing the sum of observed values by the number of observations, n. Although data points fall above, below, or on the mean, it can be considered a good estimate for predicting subsequent data points. The formula for the mean is given below as equation. The excel syntax for the mean is AVERAGE (starting cell: ending cell).

CHAPTER 5

ANALYSIS AND INTERPRETATION

1. The Type of Investors Table 5.1 TYPES OF INVESTORS Aggressive Moderate Conservative Very Conservative TOTAL NO.OF RESPONDENTS 27 51 42 30 100 PERCENTAGE (%) 18% 34% 28% 20% 100%

INFERENCE:Table 5.1 shows that 27% of the respondents were aggressive and 34% are moderate. 28% of the respondent are conservative while 20% of the total percent are really very much conservative. Chart 5.1

Type of Investors
60 50 40 30 20 10 0 Aggressive Moderate Conservative Very Conservative 27 51 42 30 Type of Investors

2. The expectation of investors regarding the growth Table 5.2 EXPECTATION INVESTORS Average High Low TOTAL OF NO.OF RESPONDENTS 62 13 25 100 PERCENTAGE (%) 62% 13% 25% 100%

INFERENCE:The Expectation of investor is average when seen overall. 62% goes with Average growth in Share market while 13% expect high growth and remaining 25% has a low expectation

Chart 5.2

Investors Expectation

25

Average High Low 13 62

3. The perception of the investors respect to the return Table 5.3 PERCEPTION RETURN Above Inflation Rate High Safety to principal TOTAL TOWARDS NO.OF RESPONDENTS 64 21 15 100 PERCENTAGE (%) 64% 21% 15% 100%

INFERENCE:It was found that 64% of the surveyed investors were more concerned about earning returns above inflation rate, 21% were more concern about earning high returns and 15% had a primary motive of the safety of principal.

Chart 5.3

Perception towards Return

15

Above Inflation Rate 21 64 High Saftey to principal

4. The investors knowledge about various investment schemes Table 5.4 INVESTORS KNOWLEDGE Average Good Low TOTAL NO.OF RESPONDENTS 70 22 8 100 PERCENTAGE (%) 70% 22% 8% 100%

INFERENCE: In the above diagram we can see that out of total surveyed investors 70% were found with average investment knowledge, 22% were found with good investment knowledge and 8% of people were found with low investment of knowledge.

Chart 5.4

Investors Knowledge

22

Average Good Low 70

5. The age group of investors Table 5.5 AGE GROUP Above 50 31 50 20 30 TOTAL NO.OF RESPONDENTS 51 32 17 100 PERCENTAGE (%) 51% 32% 17% 100%

INFERENCE: Age group was also a rational issue to know while doing the survey. It was found that 17% of the total surveyed investors were between 20-30 years, 32% were between 30-50 years and 51% of the total surveyed investors were above 50 years.

Chart 5.5

Age Group
60 51 50 40 32 30 20 10 0 20 - 30 31 - 50 Above 50 17 Age Group

6. The view of investors if the stock markets crash down Table 5.6 VIEW OF INVESTORS State of Investment Wait & Watch State of Withdrawal TOTAL NO.OF RESPONDENTS 29 52 19 100 PERCENTAGE (%) 29% 52% 19% 100%

INFERENCE: 52% of of investors wait and watch when the market crashed down they have a lot of patience. 29% will invest more as they are risk takers and hope that in future market will grow and 19% investors will withdraw their money. Chart 5.6

View of Investors

60 50 40 30 20 10 0 State of Investment 29

52

19

View of Investors

View of Investors Wait & Watch State of Withdrawal

7. Investors invest their money mainly in Table5.7 INVESTMENT AREA Primary Market Secondary Market Others TOTAL NO.OF RESPONDENTS 47 33 20 100 PERCENTAGE (%) 47% 33% 20% 100%

INFERENCE: Nearly 47% of people invest t heir money in Primary market, while 33% people invest in Secondary market. Remaining 20% invest in bank, post office, etc

Chart 5.7

Investment
47

50 45 40 35 30 25 20 15 10 5 0

33

20

Investment

Primary Market

Secondary Market

Others

8. Investors having their own Demat account. Table 5.8 DEMAT A/C Yes No TOTAL NO.OF RESPONDENTS 73 27 100 PERCENTAGE (%) 73% 27% 100%

INFERENCE: 73% of the respondents are already having a demat account while rest of them dont have from the respondents which I collected. Chart 5.8

Demat A/C

27

Yes No

73

9. Investors having account with Kotak Securities.Com Table 5.9 A/C with NO.OF RESPONDENTS KOTAKSECURITIES.COM Yes No TOTAL 46 54 100 PERCENTAGE (%) 46% 54% 100%

INFERENCE:

46%

are

person

surveyed

are

the

existing

customer

of

KOTAKSECURITIES.COM and rest 54% do nothave their demat account with KOTAKSECURITIES.COM

Chart 5.9

A/C with Kotak

46 54

Yes No

10. Other demat investors have used before having KOTAKSECURITIES.COM A/C Table 5.10 BEFORE HAVING NO.OF RESPONDENTS KOTAKSECURITIES.COM Indiabulls ICICI DIRECT Sharekhan Geojit Dont have Prior Experience TOTAL 32 13 10 12 33 100 PERCENTAGE (%) 32% 13% 10% 12% 33% 100%

INFERENCE: Indiabulls is the other leading security company in the market. It has its majority of 32% in the market among its competitors like ICICI, Sharekhan, Geojit. 12% of A/C in Geojit, 10% of A/Cs in Sharekhan and 13% of A/Cs in ICICI Direct 33% do not have their account open in any of the other brokage house. Chart 5.10

Other Demat A/C

Indiabulls 33 32 ICICI Direct Sharekhan Geojit 12 10 13 No Experience

11. Investor invest money in Share trading Table 5.11 NO.OF RESPONDENTS PORTFOLIO Business Salary Retired Mutual Fund Equity Gold ETF Currency Derivatives IPO TOTAL 8 15 3 7 6 39 9 4 7 2 3 25 4 10 3 9 10 36 7 9.67 4.33 6 6.33 21% 29% 13% 18% 19% 100% MEAN PERCENTAGE

INFERENCE: 29% of people like to invest money in Equity market, 21% of people wants to invest their money in Mutual Fund, 13% in Gold, 18% in currency derivatives, 19% in IPO Chart 5.11

Portfolio
16 14 12 10 8 6 4 2 0 Mutual Fund Equity 3 7 6 8 Business Salary Retired 15

Gold ETF

Currency

IPO

12. Trading type investor prefer Table 5.12 NO.OF RESPONDENTS MEAN Business Salary Retired 10 14 4 28 5 17 5 27 30 10 5 45 15 13.67 4.67 45% 41% 14% 100% PERCENTAGE

PREFERED TRADING

Intraday Delivery Marginal Finance TOTAL

INFERENCE: 45% of respondents do intraday trading, 41% do in delivery basis which rest go for marginal finance. Chart 5.12

35 30 25 20 15 10 5 0 Intraday Delivery Marginal Finance

Business Salary Retired

13. Choose to select the Securities for investment Table 5.13 NO.OF RESPONDENTS MEAN Business Salary Retired 9 10 5 17 5 10 2 15 8 9.67 8 24% 29% 24% PERCENTAGE

CHOOSING SECURITIES

of

Myself Friends Advice

Market Programme + 4 Friends Advice Recommendation given in Kotak TOTAL 8 31

10 37

5 32

7.67 33.34

23% 100%

INFERENCE: 24% do trading on their own and with friends advice. 23 % use the recommendation of KOTAK while 29% use only friends advice. Chart 5.13

20 15 10 5 0 9 5

17 10 10 2 4

15 10 5 8 Retired Salary Business Business Salary Retired

14. Investor satisfied with KOTAKSECURITIES.COM Brokerage Table 5.14 BROKERAGE Yes No TOTAL NO.OF RESPONDENTS 55 45 100 PERCENTAGE (%) 55% 45% 100%

INFERENCE: 55% of the respondents are satisfied with the brokerage in KOTAK. Chart 5.14

Brokerage

45 55

Satisfied Not Satisfied

15. Grading the KOTAKSECURITIES.COM Table: 5.15 Excellent Value 5 Good 4 Average 3 Poor 2 N/A 1

(a) Brokerage Charged (b) Recommendation (c) Other facilities (d) Customer Satisfaction

Chart 5.15 Value Brokerage Charged Recommendation Other Facilities Customer Satisfaction N/A 1 1 1 1 Poor 2 2 2 2 Avg 3 3 3 3 Good 4 4 4 4 Excellent 5 5 5 5

16. Grading with other Concern Table: 5.16 Excellent Value 5 Good 4 Average 3 Poor 2 N/A 1

(A) KOTAK SECURITIES (B) ICICI DIRECT (C) INDIABULLS

Chart 5.16 High Brokerage Bad Recommendation Bad Facilities Bad Satisfaction -2 -2 -2 -2 -1 -1 -1 -1 0 0 0 0 1 1 1 1 2 2 2 2 Low Brokerage Good Recommendation Good Facilities Good Satisfaction

Kotak ICICI Indiabulls

CHAPTER-6 FINDINGS & SUGGESTIONs

FINDINGS:

High Brokerage: - Kotak Securities has high brokerage as compare to other online players.

Call and trade: - Call and trade facility is payable which is not convenient for all the clients.

Saving Accounts: - saving account with Kotak Mahindra Bank, AXIS, HDFC, HSBC, ICICI, SBI or CITI bank is mandatory.

Documentation: - in Kotak Securities the documentation process is very lengthy and cumbersome.

Lack of Awareness: - in Coimbatore city, though Kotak is well known but still there is lack of awareness regarding Kotak Securities and its online division i.e.

Kotaksecurities.com and its products.

SUGGESTIONS:

According to the analysis the investor above the age of 50 years must be taken into consideration as they are having great potential regarding investment.

Time taken in account opening too long they should reduce it.

Kotak Securities must use marketing tools like point of purchase, advertisement through mass media, like newspapers, magazines, televisions, fairs, and advertisements on Internet.

Documents required for an account opening are too unique and confusing. Voters ID or driving license should be taken both as identity proof as well as address proof.

The organization is lacking on the parameters of motivation. For example incentives on targets should be given time to time.

No. of signatures, which are made by the lines are too many, therefore should be reduced.

Kotak must lay some sound strategies to trap more customers by providing them with less brokerage in comparison to others.

CHAPTER-7

CONCLUSION

From the analysis of the responses receive from the investors in Coimbatore city, a majority of investors are found to be conscious and enlightened regarding their investment, returns and growth.

We have very good market in Coimbatore which comprises potential investors but due to lack of basic promotion and publicity these investors are not fully aware of our company and who so ever is aware of the company their investment decisions are done on the basis of security, analysis of risk yield and return few parameters like demographic, physiological, income etc.

E-trading account is a unique combination of saving account; demat and online share trading account as no other depository provides all the three facilities together.So my findings are that Kotak securities should make little more efforts to trap the potential investors, like media advertisements, paper advertisement, seminars and business meets and building a good relationship with potential business, more over friendly guidance.

REFERENCE

1. Josef Lakonishok, Inmoo Lee and Allen M. Poteshman (2004), Investor Behavior and the option Market, National Bureau of Economic Research, Paper No. 10264 (January 2004)

2. Prof. Sohan Patidar (2010), Investors Behavior towards Share Market, International Research Journal, (October 2010), ISSN 0975-3486, VOL I ISSUE 13

3. Dr.Preeti Singh and Harpreet Singh Bedi (2011), Investor Behavior in Secondary Market, IJRFM (August 2011) Vol 1, Issue 4, ISSN 2231-5985

4. Dimitrios I.Maditions, Zeljko Sevic and Nikolaos G. Therious (2007), Investors behavior in the Athens Stock Exchange, Studies in Economics and Finance, Vol.21 No. 1,2007 pp 32-50.

5. Chip Heath (1999) Psychological factors and stock option exercise, Journal of financial economics, Vol 13, Version 3, page 65-69.

6. Dhar, R. and Zhu Ning (2006) An Individual Level Analysis of the Disposition Effect, Studies in Economics and Finance Vol 25, Issue 4, page 67-82.

7. Guven Sevil. Mehmet Sen and Abdullah Yalama (2007), Small Investor Behaviour in Istanbul Stock Exchange, ISSN 1450-2889 Issue 1

8. Ricciardi Victor and Simon Helen K., What is Behavioral Finance?, Business Education and Technology Journal, 2000.

9. Kyrolainen, P. (2007), Investors Activity and Trading Behavior, ICFAI Journal of Behavioral Finance Vol 1, page 31-59.

10. Tripathi, V. (2008), Investment Strategies in Indian Stock Market: A Survey, Journal of Financial Economics, Vol 32, PP. 663-682.

WEBSITES:
www.kotak.com www.kotaksecurities.com www.nseindia.com www.bseindia.com www.tradeonline.com

BOOK:
William G Zikmund, John C Carr and Mitch Griffin, Business Research Methods, 8th Edition (August 2009), Cengage Learning, ISBN 0324320620, Pg 275-310

APPENDICES: QUESTIONNAIRE:

A STUDY ON INVESTOR BEHAVIOR IN SHARE MARKET WITH REFERENCE TO KOTAK SECURITIES, COIMBATORE.

Dear friend,

I wish to study A Study on Investor Behavior in Share Market with Reference to Kotak Securities, Coimbatore. I request you to spare sometime in filling up the questionnaire, your experience by answering the following questions. I assure that this information will be kept confidential and used for academic purpose only.

Thank you.

Yours faithfully, SHRI AVINASH NARENDHRAN S.V. Department of Management Studies, Adhiyamaan College of Engg., Hosur.

1. Which type of investor are you? (a) Aggressive (b)Moderate (c)Conservative (d) Very Conservative

2. What growth do you expect in return? (a) High (b) Average (c) Low

3. What is your perception towards Return? (a)Inflation rate (b) High (c) Safety to Principal

4. What is your knowledge in investment Scheme? (a) Good (b)Average (c) Low

5. Age group (a) 20-30 (b) 30-50 (c) Above 50

6. What is your view if stock market crash down? (a) State of Investment (b) Wait & Watch (c) State of Withdrawal

7. Where you like to invest money? (a) Primary Market (b) Secondary Market (c) Others

8. Do you have Demat account? (a) Yes (b) No

9. Do you have account with Kotak? (a) Yes (b) No

10. What other demat account you used before using Kotak Securities? (a)Indiabulls (b)ICICI Direct (c) Sharekhan (d)Geojit (e) No

11. Which area you like to invest in share market? (a)Mutual Fund (b) Equity (c) Gold ETF (d) Currency (e) IPO

12. What type of trading you prefer? (a)Intraday (b)Delivery (c)Marginal Finance

13. How you choose to invest? (a) Self (b) Friends (c) TV + Friends (d) Recommendation by KOTAK

14. Are you satisfied with KOTAK Brokerage? (a) Yes (b) No

15. Grade the KOTAKSECURITIES.COM Excellent Value 5 Good 4 Average 3 Poor 2 N/A 1

(e) Brokerage Charged (f) Recommendation (g) Other facilities (h) Customer Satisfaction

_____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________

16. Grade the KOTAKSECURITIES.COM with other Concern N/A Value -2 Poor -1 Average 0 Good 1 Excellent 2

(a) KOTAK SECURITIES (b) ICICI DIRECT (c) INDIABULLS

_____________________________________________ _____________________________________________ _____________________________________________